FinCEN Proposes Revoking Banque Misr UAE's U.S. Banking Access Over Money Laundering Concerns

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule to revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions, citing the bank as a primary money laundering concern. This action, part of "Operation Economic Outcast," follows a notice of proposed rulemaking (NPRM) issued by FinCEN.

Under section 311 of the USA PATRIOT Act, the proposed rule would prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Banque Misr UAE. It would also require U.S. institutions to take reasonable steps to avoid processing transactions involving Banque Misr UAE through foreign correspondent accounts and to apply special due diligence.

FinCEN emphasized that this finding and the proposed special measure apply exclusively to Banque Misr UAE, as defined in the NPRM, and do not extend to Banque Misr operations in any other country.